Welcome to the home of our latest comprehensive property reports - if you're looking for news on rents and prices both nationally and regionally then you've come to the right place!
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Property price report
Property price report - January 2019
Rent report (quarterly)
Rent report - November 2018
First-time buyer report
First-time buyer report - March 2018
At the recent Property Investor Show I made two presentations, one covering the changes to the property market during elections and recessions, and another discussing the latest forecasts for both the next twelve months and the next few years.
I never quite understand why many property companies and much of the media think that only ‘bad news’ stories about property sell. I also don’t understand why very few property companies, charities or property organisations aren’t telling people how affordable property is today, particularly for first time buyers, and still insist on making tenants feel so ‘miserable’ if they rent. I was asked to present at the recent RICS Housing Hub and chose the topic ‘how we can afford to put a home over everyone’s head’. To me that’s a question we should be asking and answering, rather than constantly shoving out ‘bad news’ stories. To find out more, read my article.
Up until the credit crunch, in the main, agents could make a good living from just letting and selling property that came ‘through the door’ - even if it was a digital one. The market then crashed. Prices fell by 18-20% in most areas but worst still, transactions fell by 50%, with many property businesses and jobs being lost. Although we have seen a good recovery in many places, according to the RICS, the number of properties available for sale is still at an all-time low. With Brexit, talk of a recession and possible Stamp Duty changes, the likelihood of transactions recovering anytime soon is low. And, with the Nationwide reporting just 5% of existing homes coming onto the market, without access to new build properties, it’ll be tough for agents - and you - to secure the homes you and your family need to buy and let.
Latest news from the Land Registry shows what an amazingly diverse market property is in London. With average prices ranging from just under £300,000 in Barking and Dagenham to an astonishing £1,254,715 in Kensington and Chelsea. What’s interesting though is when you break away from London averages and dig down deep into what’s actually being sold, things never look quite so bad. For example, in Kensington and Chelsea although the average is over a million, one property - and it was just a flat! - was sold for a staggering £13,375,000 while I found a ‘bargain’ (!) property which had been sold for just £298,000 - the average price you would pay in London’s cheapest borough.